Is this sample size correct?

**Vinod** · July 8th 2012, 08:10 AM

A marketing executive wishes to estimate the average monthly sales of a particular brand of gold necklace in local shops. He decides that an estimate, correct with 3% of the population average with a probability of 0.9545(2 standard errors) shall be considered dependable. How big a sample of shops is needed? Assume that based on a previous enquiry, the coefficient of variation of monthly sales of that particular brand of gold necklace is 9%. $\newline Answer:$ Here C.V.is 0.09 so $\sigma= 0.09\overline{x}$ $S.E._{\overline{x}}= (0.09\overline{x})/\sqrt{n}$ $\hspace{45pt}sample size (n)= (2*(0.09\overline{x}/\sqrt{n})/0.03)^2$ So the sample size should be 6 times the monthly average sales of that particular brand of gold necklace.

**Vinod** · July 11th 2012, 08:17 AM

Hi,
Is here any member of this MHF who comment on the correctness or otherwise of my answer?
Thanks.

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